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checkIN News, Interviews, Opinions, Reviews
MERITON'S HARRY TRIGUBOFF GOES SKY HIGH
Developer HARRY TRIGUBOFF, currently
Australia's richest man, is racing toward
another pinnacle -- becoming the nation's
biggest owner of hotel rooms.
Trigubo 's Meriton Serviced Apartments
arm, sitting at number two for two years, is
expected to assume the top spot later this
year when a raft of new projects will take its
hotel suite numbers to 4621.
That figure is expected to grow to 5296 in
2017 as more projects are completed.
The burgeoning portfolio, the result of a
decision 12 years ago to diversify the Meriton
business, will see it overtake the Abu Dubai
Investment Authority as Australia's biggest
accommodation owner.
The Abu Dubai sovereign wealth fund
bought the 4352-room hotel portfolio of
Tourism Asset Holdings in 2013.
Trigubo , who during May topped the
BRW rich list with a AUD$10.62 billion fortune,
said that his move into serviced apartments
had been a resounding success.
"I've got my foot on the accelerator," he said.
"It didn't take me long to learn that if you own
the buildings and run them properly yourself
rather than lease them out, the serviced
apartment hotel business can be very lucrative.
"So we're taking every opportunity, when the
location's right, to build more serviced apartments."
The Meriton hotel portfolio is spread
through 16 buildings in Sydney, Brisbane
and the Gold Coast. The group is expected
to end this year with 4621 suites in the wake
of new suites coming on stream in Mascot,
North Sydney, Parramatta and at Southport
on the Gold Coast, while in 2017, the
company will add more properties, taking
the portfolio to nearly 5300 rooms.
Developer Harry Trigubo
6 HM The Business of Accommodation